Le Lézard
Classified in: Oil industry, Environment, Science and technology, Business
Subject: TNM

Xebec Announces Sale of HyGear and Applied Compression Systems

MONTRÉAL, Feb. 7, 2023 /CNW/ - Xebec Adsorption Inc. ("Xebec" or the "Corporation"), a global provider of sustainable gas solutions, announced today the sale of two subsidiaries, further to the Corporation's previously announced ongoing sale and investment solicitation process (the "SISP").

Sale of HyGear

Xebec proceeded with the sale of its wholly owned subsidiary Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. ("HyGear"), to Hydrogen Solutions B.V., an affiliate of HoSt Holding B.V. ("HoSt").

Osler, Hoskin & Harcourt LLP and Clifford Chance LLP acted as Xebec's legal advisors in connection with the sale of HyGear. The Corporation's financial advisor is National Bank Financial Inc. DLA Piper Nederland N.V. acted as Dutch legal counsel to HoSt in connection with the sale of HyGear.

Sale of Applied Compression Systems Ltd.

Xebec also proceeded with the sale of substantially all assets of its wholly owned British Columbia based subsidiary, Applied Compression Systems Ltd., to 1396905 B.C. Ltd. Osler, Hoskin & Harcourt LLP acted as Xebec's legal advisor in connection with the transaction. The Corporation's financial advisor is National Bank Financial Inc. Spruce Notary & Legal acted as counsel to the purchaser in connection with the transaction.

Xebec will provide further updates as developments warrant. Information regarding the SISP and the Corporation's proceedings under the Companies' Creditors Arrangement Act and in the United States under Chapter 15 of the Bankruptcy Code (collectively, the "CCAA Proceedings") are available on the Deloitte Restructuring Inc. (the "Monitor")'s website at https://www.insolvencies.deloitte.ca/Xebec. Information regarding CCAA Proceedings can also be obtained by calling the Monitor at 514-393-6722 or toll free at 1-888-393-6722 and via email at [email protected].

Related link:

SOURCE Xebec Adsorption Inc.

These press releases may also interest you

24 mar 2023
Ecopetrol S.A. informs that on March 24, 2023, its Board of Directors appointed Alberto Consuegra Granger as interim CEO of Ecopetrol S.A. effective from April 1, 2023, and until the date on which the successor to Felipe Bayón Pardo, who will lead...

24 mar 2023
PPL Corporation reaffirmed the generation investment plans of its subsidiaries, Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU), and its overall business outlook despite a new law passed in Kentucky that requires the...

24 mar 2023
NuCycle Energy announced a new partnership with the City of Lakeland today. This partnership will allow commercial customers in the Lakeland service area to avoid the landfill and help replace fossil fuels. This new sustainability initiative kicks...

24 mar 2023
The Entergy Texas, Inc. board of directors has declared a quarterly dividend payment of $0.3359375 per share on its Series A Preferred Stock. The dividend is payable April 15, 2023, to shareholders of record as of April 4, 2023....

24 mar 2023
NiSource Inc. ("NiSource") closed today on its issuance of $750 million principal amount of notes due March 30, 2028. The 5-year senior, unsecured notes priced at 99.829% of the aggregate principal amount, with a coupon rate of 5.25%. The notes will...

24 mar 2023
Ecopetrol S.A. informs that, with regards to statements in the public media about a possible acquisition by Ecopetrol S.A. of the company Monómeros Colombo Venezolanos S.A., Ecopetrol warns the public that, within the framework of its 2040 strategy...

News published on 7 february 2023 at 17:00 and distributed by: